International Marketing Entry Strategy- Westp

Topics: Insurance, Economics, Underwriting Pages: 24 (6216 words) Published: May 3, 2012
Westpac B a n k i n g Corporation

International Marketing Entry Strategy

Report prepared by: Jean Diaz

Due date: 09/06/2011

La Trobe University- Bendigo

Semester 2

International Marketing Entry Strategy

Table of Contents
Executive summary
Company and product background
Provide an analysis of the business and product performance
Company objectives and corporate strategies
What is the product and needs does it satisfy?

1 2 3 3 4 6 7 7 10 12 14 15 16 17 18 19 20 21

Country and product market attractiveness
Politico-legal, socio-cultural and demographic, economic, technological Product market analysis
Competitive analysis

Buyer Analysis
Opportunity statement
Marketing objectives
Entry strategy
Timetable & Budget

Westpac Banking Corporation entry strategy


International Marketing Entry Strategy

Executive summary

The insurance industry is one of the basic service industries in Chinese economy, whose prospect is reflective of the economic resilience of the economy. With the globalization of the economy, China has become the playground of major global insurance players. As whole insurance industry is a very large field for research we have chosen life insurance industry of the booming segment of insurance industry, for research purpose. The major objectives of the study are as below: • To find out how political, economical, socio-cultural, technological factors affecting this industry by PEST analysis. • To find out how the market condition and what level of competition is in China. • To analyze opportunities for the industry • To Set up marketing objectives and select an entry strategy Global expansion is the foundation to becoming a multinational firm. When attempting to enter into foreign markets, selection of the proper strategies and alliances play a critical role in determining company success. The purpose of this report is to review Chinese market and possible modes of entry that the Westpac Banking Corporation can select in order to successfully expand its operations.

Westpac Banking Corporation entry strategy


International Marketing Entry Strategy


Trends in international markets are creating new challenges and opportunities for companies in many areas of the globe. Macro changes in regulation, demographics and governmental policy as well as shifts within the industry itself such as consolidation, globalization and technological advances —all of these factors are opening up great potential for financial services providers to enter new markets. The Chinese insurance industry has been growing substantially, and this provides a motivation to examine the insurance market in China. According to the U.S. Life Office Management Association Inc. (LOMA), life insurance is defined as follows: “Life insurance provides a some of money if the person who is insured dies whilst the policy is in effect” The report has identified a general marketing entry strategy which will help the selected Australian Bank- Westpac Banking Corporation to effectively entry to the Chinese life insurance market.developing It is comprised two sections. The first, contents the introduction of the Wespac’s company and the business environment in which the company operates. The review of the remote and near Chinese environment, this parts attempts the situational context and identify that, or may, influence the Chinese life insurance market during the period of this plan. This situational analysis will define and examine the market and help to recognize opportunities. The second section addresses the marketing objectives- short and long term- and suggest marketing entry strategy in the Chine life insurance market. Also, an budget will be introduce.

Westpac Banking Corporation entry strategy


International Marketing Entry Strategy

Company and product background
Provide an analysis of the business and...
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